Jet airways sees 47% drop in net profits

Jet Airways Group Saturday announced its fifth successive profitable quarter with a net profit of $19m in Q1. However, the figure is down 53% from the first quarter of 2015, when it saw profits of $36m. Consistent financial performance has enabled Jet Airways to further reduce its debt by $53m during the quarter. “Jet Airways has strengthened its core operations and achieved better capacity utilisation and greater efficiency. We have been able to report lower non-fuel cost in spite of inflationary increases and weakening of Indian Rupee against US Dollar by almost 6%,” said Naresh Goyal, chairman of Jet Airways. He said that due to the intense competitive environment, industry yields were under pressure in the first quarter and the trend is expected to continue in the second quarter. Goyal also said that code-share traffic delivered by Etihad Airways and other Etihad Airways Partner airlines to Jet Airways grew by 41%. Overall code-share traffic for Q1 of 2017 grew 13% to 551,859 passengers.<br/>